Res 21-72 RESOLUTION NO. 21-72
A RESOLUTION FIXING THE PROVISIONS FOR THE
ISSUANCE OF $2,000,000 CITY OF DELRAY BEACH,
FLORIDA BEACH I~PROVE~IENT GENERAL OBLIGATION
BONDS; NAMING PAYING AGENTS; AND AUTHORIZING
THE SALE OF SUCH BONDS.
WHEREAS, by resolution adopted by the City Council of
the City of Delray Beach, Florida (hereinafter called "City"), on
March 27, 1972, by Resolution No. 14-72, the City authorized the
issuance of $2,000,000 Beach Improvement General Obligation Bonds
(hereinafter called "obligations"), to finance a portion of the
cost of the construction and acquisition of beach improvements in
said City; and,
WHEREAS, the obligations have been validated by judgment
of the Circuit Court for Palm Beach County, Florida, on April 20,
1972; and,
WHEREAS, the City deems it in the best interests of
'\he City to sell such obligations at public sale;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Delray Beach, Florida, that:
Section 1. The $2,000,000 Beach Improvement General
Obligations BQnds of the City shall be subject to prior redemption,
as hereinafter provided in the Notice of Sale.
Section 2. Such obligations shall be offered at public
sale on May 24, 1972.
Section 3. The City Clerk is hereby authorized and
directed to publish a notice calling for bids for the purchase
of said Bonds. Such notice shall be published in the Delray
Beach News Journal, a newspaper of general circulation within
Palm Beach County one time; such publication to be not less than
ten (10) days prior to the day of sale, and shall be published
one time in the Bond Buyer, a financial publication in the City
of New York, New York. The notice shall be in substantially
the following form:
OFFICIAL NOTICE OF SALE
$2,000,000
CITY OF DELRAY BEACH, FLORIDA
BEACH IMPROVEMENT BONDS
(General Obligations)
Notice is hereby given that the City Council of the City
of Delray Beach, Florida, will receive sealed bids, in
care of the undersigned City Clerk in the City Council
Chambers, City Hall, 100 N. W. 1st Avenue, Delray Beach,
Florida, until 12:00 o'clock noon, Eastern Daylight
Saving Time, on
MAY 24, 1972
at which time and place all bids will be publicly opened
and read for $2,000,000 City of Delray Beach, Florida,
Beach Improvement Bonds dated February 1, 1972, (herein-
after called the "Bonds"), bearing interest at the rate
or rates stated in the successful bid not exceeding seven
-1-
one-half per cent (7 1/2%) per annum, and maturing,
subject to the right of prior redemption as set forth
below, on February 1 in the years and amounts as follows:
YEAR AMOUNT YEAR AMOUNT
1974 $25,000 1989 $65,000
1975 30,000 1998 70,000
1976 30,000 1991 75,000
1977 30,000 1992 80,000
1978 35,000 1993 80,000
1979 35,000 1994 85,000
1980 40,000 1995 95,000
1981 40,000 1996 100,000
1982 40,000 1997 105,000
1983 45,000 1998 110,000
1984 50,000 1999 115,000
1985 50,000 2000 125,000
1986 55,000 2001 130,000
1987 60,000 2002 140,000
1988 60,000
Bonds maturing in the years 1983 to 2002, inclusive,
be callable for redemption prior to maturity, at
option of the City, on February 1, 1982, or on any
interest payment date thereafter, in inverse numerical
order, at the price of par and accrued interest to the
of redemption plus a premium, expressed as a per-
centage of the par value thereof, of 3% if redeemed on or
to February 1, 1989; ~ if redeemed thereafter on
prior to February 1, 1995; and 1% if redeemed there-
prior to maturity.
Bonds will be coupon Bonds in the denomination of
$5,000 each, with the privilege of registration as to
principal only or as to both principal and interest.
Principal and semi-annual interest (February 1 and
August 1) will be payable at The Chase Manhattan Bank,
A., New York, New York.
Bonds will be general obligations of the City of
Delray Beach, Florida, payable from ad valorem taxes
levied against all property taxable for such purposes
the City, without limitation as to rate or amount, and
full faith and credit of the City will be pledged to
payment of principal and interest.
bidder may specify not more than three different
interest rates expressed in multiples of one-eighth
or one-twentieth (1/20) of one per centum (1%)
all Bonds of the same maturity shall bear a single
of interest. No bid stipulating a difference greater
one and one-half per centum (1 1/2%) between the
highest and lowest rates of interest named will be con- c
sidered. A repeated rate of interest shall not be con-
sidered a different rate of interest. Only one coupon
be attached to each Bond for each installment of
interest thereon. A bid containing a rate of interest
upon the use of split or supplemental interest
coupons will not be considered. The Bonds will be award-
the basis of the lowest net interest cost to the
and the comparison bf bids to determine such lowest
interest cost will be made by taking the aggregate
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Resolution No. 21-72.
amount of interest at the rate or rates specified in the
bids computed from February 1, 1972, to the various stated
maturities thereof and subtracting therefrom the amount of
any premium bid or adding thereto the amount of any discount
bid. No bid for less than ninety-eight per centum (9~)
of the par value of the Bonds offered for sale plus accrued
interest will be considered.
In order to be considered, each bid must be unconditional
and must be submitted on the form furnished by the City
and must be accompanied by a certified, bank cashier's or
bank treasurer's check for $40,000 drawn upon an incorporated
bank or trust company, payable to the order of the City of
Delray Beach, Florida. The amount of said check of the
successful bidder will be applied on the purchase price.
All other checks will be returned immediately upon the
award of the Bonds. No interest will be allowed upon the
good faith deposit of the successful bidder.
The Bonds have been validated by judgment of the Circuit
Court of the Fifteenth Judicial Circuit of the State of
Florida, in and for Palm Beach County. The legality of the
Bonds will be approved by Messrs. Mudge Rose Guthrie &
Alexander, New York, New York, whose opinion as to the
legality of the Bonds will be delivered to the purchasers
without charge together with a no-litigation certificate
in the customary form dated as of the date of the delivery
of the Bonds.
The Bonds will be delivered to the successful bidder, at
the expense of the City, in the City of New York, New York.
It is expected that delivery will be made on or about June 20,
1972, or within thirty days from the date of sale. However,
if the Bonds are not delivered within sixty days of the date
of sale without fault upon the part of the successful bidder,
the successful bidder may withdraw his bid and receive the
return of his good faith deposit, or may accept delivery for
an additional thirty days thereafter at his option.
The City reserves the right to reject any and all bids and
any bid not complying with the provisions hereof will be
rejected.
Additional information may be obtained from the undersigned.
CITY OF DELRAY BEACH, FLORIDA.
HALLIE E. YATES
City Clerk
Section 4. This resolution shall take effect immedi-
ately upon its adoption.
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Resolution No. 21-72.
PASSED AND ADOPTED in regular session on the 8th day
of May, 1972.
ATTEST:
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Resolution No. 21-72.
OmC)AL OTm . ;aLE
$2,000,000
CITY OF DFLRAY BEACH, FLORIDA
BEACH IMPROVEMENT BONDS
(General Obligations)
Notice is herel)y given that tile City Council of the City of I)eh'ay Beach, Florida, will receive sealed bids, in care
of the undersigned City Clerk in the City Council Chambers, City Hall, 100 N.W. 1st Avenue, Delray Beach,
Florida, until 12:00 o'clock noon, Eastern Daylight Saving Time, oil
MAY 24, 1972
ar ;dlich time mid place ail bids will be publicly opened and read for $2,000,000 City of Delray Beach, Florida,
Beach Improvement Bonds dated February 1, 1972, (hereinafter called the "Bonds"), bearing interest at the rate
or rates stated in the successful bid not exceeding se~-en and 43ne-half per cent (7~/~%) per annum, and matur-
ing, subject to tile right of plior redemption as set forth below, on February 1 in the years and amounts as
follows:
~EAR AMOUNT YEAR AMOUNT Y[~R AMOUNT
1974 $25,000 1984 $50,000 1993 $ 80,000
1975 30,000 1985 50,000 1994 85,000
1976 30,000 1986 55,000 1995 95,000
1977 ~30,000 1987 60,000 1996 100,000
1978 35,000 _1.988 60,000 1997 105,000
1979 35,000 1989 65,000 1998 110,000
1980 40,000 1990 70,000 1999 115,000
1981 40,000 1991 75,000 2000 125,000
1982 40~00 1992 80,000 2001 130,000
1983 4.5,000 2002 140,000
The Bonds maturing in thc years 1983 to 2002, inclusive, shall be callable for redemption prior to maturity, at
the option of the City', ou February 1, 1982, or on any interest payment date thereafter, in inverse numerical
order, at the price of par and accrued interest to the date of redemption plus a premium, expressed as a per-
centage of the par value thereof, of 3% if redeemed on or prior to February 1, 1989; 2~¥ if redeemed there-
after on or prior to February 1, 1995; and 1';~ if redeemed thereafter prior to maturity.
Tile Bonds will be coupou Bonds in the denomination of $5,000 each, Mth the privilege of registration as to
princ;~pal only or as to both principal and interest. Principal and semi-annual interest iFebruary 1 and August
1) will be payable at The Chase Manhattan Bank, N.A.,New York, New York.
The Bonds will be general obligations of the City of Delray Beach, Florida, payable from ad valorem taxes levied
against all property taxable for such purposes in the City, without limitation as to rate or amount, and the full
faith aud credit of thc City will be pledged to the pay~ncnt of principal and interest.
Each bidder may specify not more thau three different interest rates expressed in multiples of oue-cighth (1/8)
or one-twentieth (1/20) of one per centum (l~.~ ~ and all Bonds of the same maturity shall bear a single rate of
inte,:est. No bid stipulating a difference greater than one and one-half per centum (1~/.2~/c ~ between the highest and
lowest rates of iuterest m~med will he con.-idered. A repeated rate of interest shall not be considered a different
rate of interest. Only one coupon will be attached to each Bond for each instalhnent of inteicst thereon. A bid
contai.qing a rate of il~.terest ba~ed upon the use of split or supplemental interest coupons will not be considered.
The Bonds will bc awarded on the basis of the lowest net interest cost to tile City and the comparison of bids to
determine such lowest net interest cost will be made by taking the aggregate amount of iuterest at the rate or rates
sp~cii'ied iii the bids computed from February 1, 1972, to the various stated maturities thereof and subtracting
t~erefrom the amount <~f any premium bid or adding thereto the amo.unt of any discount bid. No bid for less thau
ninety-eight per ceutnm 1985{.) of the par value of the Bonds offered for sale plus accrued interest will be
considered.
In order to be considered, each bid ~nust be unconditional and must be submitted on the form furnished by the
City and must be accompanied by a certified, bank cashier's or bank treasurer's check for Sd0,000 drawn upon
au incorporated bank or trust ~:mnpany, payable to the order of the City of Delray Beach, Florida. The amount of
said check of the successful bidder ivill be applied on thc purchase price. All other checks will be returned immc~
diately upon the award ~)f the Bonds. No iutercst will be allowed upon the good faith deposit of the successful
bidder.
The Bonds haYe been validated by judgment of the Circuit Court of the Fifteenth Judicial Circuit of the State of
Flmida, in and for Pahn Beach County. The legality of the Bonds will be approved by Messrs. Mudge Rose Guthrie
& Alexander, New York, New York, whose opiniou as to ~' the h)gglity of the Bonds will be delivered to the
chasers without charge together with a no-litigation certificate in the customary form daie---d a~--~Zf'15~ date of
delivery of the Bonds.
The Bonds will be delivered to the successful bidder, at the expense of the City, in the City of New York, New
Yo~k. It is expected that {kdivery will be made on or about June 20, 1972, or within thirty days frmn
date of sale. However, if the Bonds are not delivered within sixty days of the date of sale without fault upon
the part of the successful bidder, the successful bidder may withdraw his bid and receive the return of his
faith deposit, or ma), accept delivery for an aditioual thirty days thereafter at his option.
The City reserves the right to reject any and all bids and any bid not complying with the provisions hereof will
be rejected.
Additional information may be Obtained from the undersigned.
CITY OF DELRAY BEACtl, FLORID:'\
HALLm E. YATES
City Clerk
Dated: May 10, 1972